``Central banks proved, once again, the world's hero. Heightened fears that global central banks had largely expended their bullets were supplanted with childlike enthusiasm that they essentially retain unlimited ammunition. And with traditional inflationary pressures well contained throughout much of the world, the view held that there was essentially little risk associated with extraordinary monetary stimulus. Whether it was Europe, the U.S. or Japan, the risk vs. reward equation was viewed as strongly supporting aggressive central bank reflationary measures. Along the way, global risk markets decoupled from fundamentals. A critical facet of the "right tail" scenario unfolded before our eyes: the historic Bubble strengthened and broadened -- global risk market prices inflated and risk premiums deflated - even as the economic backdrop turned increasingly problematic. ''